Tag Archives: car loans Vancouver

Tips For Financing Your Car

 

If you are in the market for a new or used vehicle, you may be investigating your financing options.  Many car buyers rely on the car finance in Richmond option to supply them with an auto loan.  No matter what your credit score might be, you may be able to qualify for a loan.  Depending on your current financial situation, there may be several car loan options for you to select from.

A great credit score can definitely help with the terms of your car loan in Vancouver.  Not only will you get a better percentage rate, but the terms of the loan will help you to pay off the balance quicker.  This doesn’t mean that you can’t get a loan if you have poor credit.  Many car dealerships have set up special programs to help those who are suffering from low credit scores.  Although the length of the loan may be longer, you can still get financing for a car with monthly payments that you can afford, with a bad credit car loan in Vancouver .

Although a down payment on your car will help with the car finance process, it may not be necessary.  Manufacturers have periodic specials running that allow car buyers to purchase vehicles with no money down.  They will also have deals on percentage rates, offering 0% interest for several years upon signing the contract.  Keep in mind that some of these deals are contingent upon credit scores.

When signing your papers, the sales representative may ask you about financing an extended warranty.  While there is no commitment to add an extended warranty onto your loan, it may be nice to have the added protection and extra coverage.  Consider what type of car you are buying and what you are using the car for.  Before you buy this additional optional coverage, be sure that you understand the added cost as well as the interest charges that may apply.

Financing a car may be stressful.  By researching your options and understanding the process, you will be able to feel more comfortable making these important financial decisions.

When is the Right Time to Buy a Used Car

 

Are you in the market for a used car in Richmond but are not quite sure if you are really ready to buy a used car at this time? With the economy being tricky to navigate for many people, buying a used car may really seem like a strain on your financial resources. However, it’s also important to consider the consequences of not buying a used car in Vancouver when you need one. If you are having a tough time deciding whether now is the right time or whether it would be best to wait, we have a few things that you may want to think about as you start to make your decision:

Opportunity cost

An opportunity cost is an economic term that basically means that for everything you do, there is a cost. If you choose to buy a used car in Vancouver now, you will have to pay for the used car now. However, if you take the opportunity to wait to buy your used car, you will have to pay for the cost of waiting. Therefore, because every action that you take (or don’t take) has some sort of cost, it’s important for you to weigh these costs and determine which cost is greater.

To help you determine which opportunity cost is greater, we advise you to make a list of all of the costs associated with buying a car now. For example, you may have a more restricted budget if you need to begin paying down car loans in Vancouver.

Then make a list of all of the benefits that will be provided by buying a used car now. For example, you can begin to improve your credit score as you pay down your car loan, you will have reliable transportation, and you will have a solid budget that you can depend on each month. Do the same pros and cons for not buying a car as well. Compare both lists as you make your final decision about whether or not to buy.

Consider financial assistance

Many of our customers can get excellent cars when they need them thanks to our financial programs. Through our financial programs, customers can more easily afford to buy durable cars that will last for years to come – and help them get better gas mileage than their current cars. Plus, we also have a trade-in program that may be an option to help you save more money.

We look forward to helping you get the best car for your needs when the time is right for you. Contact us today to learn more about how buying a used car now is possible and may be right for you.

3 Tips to Repair Your Credit – Starting With Getting a Bad Credit Car Loan

 

Having bad credit is nothing to be ashamed of. We have many customers each day that approach us for car loans in Richmond, but are embarrassed by their credit situations. They also believe that because they have bad credit, they will not be able to get a good car loan that they can actually afford. We want all of our customers to know, first, that we are here to help them get the best cars and the best car loans for their needs. Therefore, we will not pass judgment on them because they have bad credit. In fact, if our customers have bad credit, they are still able to get great cars at amazing car loan rates.

However, by taking some small steps to repair their credit, our customers will be able to position themselves to get a better car loan in Burnaby rate years down the road. We can recommend some simple changes today that will help each of our customers set themselves up for lower interest rates and higher loan amounts years down the road. Here are a few tips for our customers that can help them repair their credit:

Get that car loan

Get that car loan. Go ahead! Even if you have to take out a bad credit car loan in Vancouver, you will not only be able to drive away in a car, but you will actually be rebuilding your credit. Whenever you take out a bad credit car loan, you will be setting yourself up to get a good credit car loan down the road. Why? Because as long as you repay that bad credit car loan, you’ll be showing future lenders that you have a history of being financial stable and of being responsible enough to repay your car loans. Future lenders will like that!

Stay put

If you have been changing your address or job frequently, we know that this may not be your fault. However, it will still reflect negatively on your credit. Therefore, stay put as much as you can. This means keeping the same mailing address and, if possible, keeping the same job.

Minimize debts

It’s important that you keep your debts as streamlined as possible. This means that you minimize the number of debts that you have. Close old credit card accounts that you no longer use. If possible, transfer your credit card balances to one card as well. Lenders want to see that you have as few financial commitments to other lenders as possible so that they will know that your financial commitment to them will take priority.

Contact LP Auto, used car dealer in Vancouver today to get started with your bad credit car loan today or for more information about how you can improve your credit!